Texture Capital and Obsidian Systems are building Tradecraft ATS , a planned Canton venue for tokenized shares, debt and fund interests. The ATS has not launched. An alternative trading system, or ATS, matches buyers and sellers of securities. Texture Capital will operate the venue. FINRA records list Texture as an SEC-registered broker-dealer , while Obsidian develops Canton software for financial markets . Tradecraft ATS already appears alongside Texture Capital in the SEC’s ATS list as of September 30 . The plan adds a securities order book alongside Tradecraft’s existing pool-based exchange . From liquidity pools to an order book Tradecraft’s live exchange uses pools containing pairs of assets. Liquidity providers deposit both assets and receive tokens representing their share of the pool . Traders swap against those pooled assets rather than wait for another user’s matching order. The planned ATS instead uses a continuously matching order book, displaying the best buying and selling prices. Securities and USDCx, a dollar-denominated stablecoin backed by USDC , would remain in subscribers’ wallets until execution. A seller could see what buyers are offering, accept a quoted price or place an order and wait. Unlike a pool, the order book would match the seller with another participant’s order. One settlement for the security and payment The ATS is designed to settle a matched security trade against USDCx in one transaction. This is atomic settlement: the asset delivery and payment complete together, or neither completes. A simplified view of the Tradecraft ATS design announced October 20, 2026 . The diagram illustrates settlement, not a live trade. Consider an illustrative trade of 100 security tokens for 1,000 USDCx. The buyer’s payment and seller’s tokens form one linked exchange. There is no completed payment left waiting for a separate securities delivery. These numbers explain the mechanism; they are not a listed security or an available quote. Linked settlement prevents one transfer completing without the other. It does not guarantee a willing buyer or a particular resale price. Tradecraft’s existing exchange received Canton delivery-versus-payment recognition on October 2 . That decision concerns how eligible activity counts toward network rewards. It is separate from the regulatory responsibilities of operating a securities venue. What this could add to Canton Texture already supports securities issuance and secondary trading . Access will depend on Texture’s onboarding and eligibility review. For Canton, the potential benefit is a route from issuing securities to trading them afterward. An investor wanting to sell could place a sell order at a chosen price. That combines a familiar way of trading with the network’s linked settlement. Read the October 20 Tradecraft ATS announcement . Sources checked October 21, 2026.